An improvement in how individuals may socially interact with one another despite distance and regional obstacles is the metaverse, commonly referred to as Internet 3.0. Many facets of life, including healthcare, are about to undergo a disruptive upheaval thanks to the metaverse. In order to diagnose, treat, or perform surgery, among other things, healthcare delivery traditionally requires physical interaction between a patient and a doctor. However, with the development of telehealth services, which now include patient-doctor communication via digital channels and the Internet, this has significantly changed. However, as previously unimaginable possibilities are made possible by AR and VR technology, digital health solutions are about to become unprecedentedly bigger and more voluminous.
The market for healthcare in the metaverse is anticipated to expand from 504.8 million in 2024 to 5,373 million by 2030, with a startling CAGR of 48.3% from 2024 to 2030, according to Market Research Future.
Market dynamics
Like telemedicine and mobile device integration before it, the metaverse has the potential to significantly alter the landscape of healthcare technology. Given that it integrates augmented reality (AR) and virtual reality (VR) technology to operate in virtual settings, the metaverse has remarkable potential. The metaverse was widely adopted as a disruptive change in healthcare due to all available data, including improved surgical precision, therapeutic use, social-distance accommodations, and more.
The metaverse is a parallel universe or visual representation of reality; however, it is a combination of these technologies with artificial intelligence. These three major technological developments, each of which has the potential to have an impact on healthcare in a different way, came together to form the metaverse. They may, however, work together to create whole new modes of care delivery that could reduce costs and vastly enhance patient results.
Examples include blockchain, digital twinning, and telepresence. However, these developments also bring with them new issues that will change modern medicine as we know it. Stakeholders must be aware of the paradigm change in healthcare that the metaverse represents, from providing a smooth connection with the existing medical infrastructure to balancing start-up costs and issues with data security and privacy.
Trends in the market
A few of the causes boosting interest in healthcare in the metaverse industry are the rising use of digital twins in healthcare, the use of AR/VR/AI for conducting less invasive treatments, and the rising popularity of telemedicine. In addition, the ability of the metaverse to support mental health, as well as the transformation of medical education and training through immersive 3D applications, and the rise of the metaverse in the surgical sectors, emphasize this.
However, business expansion is being hampered by rising privacy and security concerns, as well as the prohibitive cost of deploying new technologies. Industry challenges include user adoption of healthcare in the metaverse market as well as adapting business strategies to new HIPAA standards for the healthcare metaverse.
There are already several instances when human body prototypes, healthcare systems, or entire hospitals are in use. For instance, researchers at EMPA (Swiss Federal Laboratories for Materials Science and Technology) have already built several hundred avatars of real patients with chronic pain and are using them to foresee and optimize the effects of drugs. By enhancing medical treatment through digital tracking and human interaction, the use of digital twins in healthcare is revolutionizing clinical operations and hospital management.
“Digital twins” of organs like the heart or even single cells may be beneficial for certain individuals. Then, simulations might be done to see how various patients respond to various therapies. However, in order to fully customize therapy, digital twin technology may also be utilized to reflect a person’s genes, physiological characteristics, and lifestyle. Doctors may test out treatments, identify diseases before symptoms show up, and better prepare for surgery with the aid of a digital twin of the human body.
Recent developments
Metaverse in mental health can be used to treat a variety of conditions, including phobias, anxiety disorders, PTSD, hallucinations, and delusions. Technology has transformed how we ask for assistance from friends, coworkers, family, or medical professionals when we are experiencing a mental breakdown.
Since virtual reality technology has the potential to enhance human well-being, businesses in the industry are creating mental health apps for the metaverse. For instance, The Anxiety Dr. Lisa Cortez announced the launch of Moody Minks, an NFT line intended to promote mental well-being in the metaverse, in February 2022. The first META-tation center will be located at Moody Mink Society, and NFT holders will have access to The Anxiety Dr. programs.
Source: https://www.marketresearchfuture.com/reports/healthcare-in-metaverse-market-10900
